UBS said Tuesday that it lost $356 million on Facebook's IPO due to Nasdaq's trading glitches during the company's market debut in May -- and it plans to sue the stock exchange for every cent of it.
"UBS's loss resulted from NASDAQ's multiple failures to carry out its obligations, including both opening the Facebook (FB) stock for trading and not halting trading in the stock during the day," said UBS in MOREHibah Yousuf - Jul 31, 2012 2:16 PM ET
Corn prices surged to a new record high Tuesday, as the worst drought in more than 50 years continues to plague more than half the country.
Almost 90% of the United States' corn crops are in drought ravaged areas, according to the U.S. Department of Agriculture, and nearly 40% are situated in the hardest hit spots.
Corn prices have soared more than 50% during the past six weeks as the crops continue MOREHibah Yousuf - Jul 31, 2012 9:55 AM ET
Investors have mostly been pulling their money out of the stock market this year, but last week investors showed a little ounce of love for stocks.
According to the Investment Company Institute, investors added $99 million to U.S. stock mutual funds in the week ended July 18. While that's not much, it's a welcome change from the usual flight from stocks.
The inflow came as investors hoped that the Federal Reserve may MOREHibah Yousuf - Jul 26, 2012 2:12 PM ET
Pivotal Research Group analyst Brian Wieser was the first analyst to assign a "sell" rating on Facebook back in May, when the social media day giant made its big (botched) public debut.
Later that month, as Facebook's stock declined and fell below his then price target of $30 per share, Wieser changed his rating to "hold."
But given the recent slide in Facebook's shares ahead of the company's first earnings report Thursday MOREHibah Yousuf - Jul 26, 2012 11:21 AM ET
Nasdaq is hopeful that its most recent compensation plan will satisfy the trading firms that incurred losses during Facebook's botched debut May.
During the company's earnings conference call with analysts Wednesday, Nasdaq CEO Robert Greifeld said its plan is "definitive" and said there haven't been any negative comments about it since Nasdaq boosted the size of the compensation fund to $62 million last week.
"I would definitely highlight the absence of negative comments MOREHibah Yousuf - Jul 25, 2012 2:25 PM ET
Investors have plenty of questions about the future of RadioShack following a dismal earnings report, but the electronics retail is still claiming to have the answers.
As it delivered a surprise $21 million loss for the second quarter, RadioShack (RSH) said it would also suspend its dividend program to help bolster its balance sheet. A balance sheet that's saddled with $679 million of debt, including an upcoming debt maturity of $375 MOREHibah Yousuf - Jul 25, 2012 12:25 PM ET
Shares of Tex-Mex restaurant chain Chuy's spiked as much as 18% Tuesday as they made their stock market debut.
Austin, Texas-based Chuy's (CHUY), which operates 36 full-service restaurants across the Lone Star State and the Midwest, raised $76 million in its initial public offering after pricing 5.8 million shares at $13 apiece, the high ends of its estimated range.
Chuy's boasts about having a broad customer base, with only three of the MOREHibah Yousuf - Jul 24, 2012 1:26 PM ET
Shares of Five Below, a discount retailer that targets teen shoppers, soared more than 55% Thursday, a day after the company raised $163 million through an initial public offering.
The company's stock opened up more than 50% above its IPO price of $17 and quickly surged more than 73%. Shares of Five Below (FIVE) finished their first trading day at $26.50, still up more than 55% from its IPO price.
The Philadelphia-based retailer, which MOREHibah Yousuf - Jul 19, 2012 3:46 PM ET
Shares of eBay rallied nearly 10% Wednesday, hitting their highest level since January 2006, after the company topped earnings and sales expectations for the second quarter.
eBay (EBAY) CEO John Donahoe credited the solid performance to the successful turnaround of the company's e-commerce business, called eBay Marketplaces.
Revenue for e-commerce business jumped 9% from a year earlier to a record high of $1.8 billion.
eBay's PayPal unit also continued to post strong results, MOREHibah Yousuf - Jul 19, 2012 11:50 AM ET
Investors continued to flee the stock market last week, as they digested a deal by eurozone political leaders to stabilize credit markets and strengthen the region's banking system, and received further evidence of a U.S. economic slowdown.
U.S. stock mutual funds lost $3.1 billion during the week ended July 3, according to the Investment Company Institute. Investors have now withdrawn money from the stock market for 19 of the past 20 weeks.
While MOREHibah Yousuf - Jul 11, 2012 4:48 PM ET
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